Does Early Retirement Help?Retirement is when a person willingly or unwillingly quits or resigns from business or service and stops earning completely. Retirement is generally taken at a specific age. However it is different in different countries. It ranges from 55 to 70.There are differences in retirement ages of men and women. Generally women retire early than men. Jobs which are more risky and dangerous have early retirement. Retirement concept was introduced in early 19th century, till than people used to work till their death. A person may also retire early which is called early retirement due to unwanted circumstances like accident, physical disabilities etc. The main two reasons for early retirement are illness and accidents. The person may also take early retirement when he thinks that he is satisfied with whatever he has earned and can spend life with that saving soundly. Usually after retirement people are provided Pension. Pension is a steady amount which the pensioner or the person who has taken retirement gets after retirement in order to continue living his life and be independent so that he does not have to depend on others. Governments of some countries do provide pensions to people who have retired. They also provide many benefits such as discounts on government services etc. But people who voluntarily take early retirement are exempted from these benefits. However if they have taken early retirement due to some genuine problems like disability, physically handicapped government provides them with adequate compensation and also provide them free of charge medical facilities. Some people plan their retirement from very early age .They start planning about retirement as soon they are around 30 in order to secure their future. People sometimes undertake some sort of part time work as they need some more income to support their needs. Now days there are many private players which have insurance schemes and mutual funds which take care of your retirement. In order to avail these benefits people have to pay a steady amount for period of 5, 10, and 15 years or till retirement. After retiring they get the whole amount along with interest which helps them in being self dependent after retirement. While people when working always want to retire as early as possible but after retirement it is the other way round, they want to work more not to earn more but to keep them occupied as they feel lonely. People who take early retirement are not allowed any government benefits. This is due to the financial burden of pensions on government's budget is so heavy, that the politicians give least priority to retirement. The government might be interested in a later retirement age for financial reasons. The cost of medical expenses in retirement is large, because people in old age are more prone to diseases and health related problems. There is then pressure to reform healthcare systems to contain costs, or find new sources of funding. |